The Sun. — London, England, 1826-02-03 00:00:00

PA RLIAiIIENT. HOUSE OF. LORDS, Fier, 2. • Yesterday hiing the day appointed for the opening of the Session of Parliament, the necessary arrangements took place for the purpose, , -The, cerentony,on, the ,proent occasion, was performed by Lords Critriniikiioners,'lris . 11ajcstY 'hiving pre signilied his intention of eot•being present. M twelvelo'-eloek the'custeniary inspectlehof the cellars, &c. about the House of Lords, in the presence of Lord Gwyder, the Lord fetit 4 Vtottrtherlairvi sirT. Tyrwhitt, the Usher-of Black Itod, oral a party of the Yeomen of the Guard, &c. took phcc • 'hut As the King did not attend the House, they were 'not costume. The 'particular cellar • that went by the mime , of 4 . 4 .. tiby Fawkes's .cellar," the one in which, that Ouspirator was discovered, no longer exists, m hav ing been demoliihed in m aking way "for 'the' new buildings; cornmiwe . .robnis; library, &C., recently. erected for , the House of Lords. , . It will be in the recollection of our readers tliat, in the year 1824, a Royal COMMISSIOII passed the Great Seal, winch ap;. pointed torti . Gifthra to act as Deputy Spehker of the House of Lords, in the absence of the Lord. Chancellor. We sin.; cerely:refiret to state that the continued indisposition of the- emi nent person Who has so long, so ably, and.' so. courteously pre. sided in 'their Lordships'' House should. have given rise to such a coutingency,, and Lord Criftbrd officiated yesterday., At 281 minutes paartwo o'clock, the Etirls' of Westmerland,- Shelter'. bury; and' Harrowby, 'and' latird (lifflvd,' having taken their, seats as his 1110etity's Commissioners, the I)eputy LTsticr Odic Black rod was ordered to require the At' endaticeof the House of . Corntrioll4 heloiv the Bar." In a few minutes the Speaker op., peered, aeOinpanfed 14 a large' portion of Members, The Royal CohlioisAion oPPointing these Noble Lords to net being read„ the Deputy Speaker., Lord I. iiiurd, delivered his 'llla aesty's §peech, in a very dignified Manner (for a -corecct•copy of which see T 111? - SUN pf yesterday) . The 'Parl of V filitllLAl%l rose t_; move: the,Add'reas. The . . . • • Noble Earl observed that,'ln , rising to move en lushible Address to his :kliiesty, he considered it a task of an eantinature Whieh he had es perform, Be felt no difficulty in addressing.their. Letdrhips on the present occasion, when there was no domeeric calamity of an alarming nathre to deploree-no foreign warefare contend ntend with: . He had to 'congratulate their Lordships upon the. situation in which his Majesty's Message and their Lord. Ships' own conviction showed the country to be in. With re spect to the late difficulties in peConiary transactions; but man wait horn to trouble, and it unfbrunately happened on the pre sent occasion that his Majesty had to allude to temporary dif ficulties, which must be of short duration. T he first was the extraordinary and unlooktsi tot panic 'which suddenly seized the people. - This panic was the more extraordinary, as money was more piens it'ul last spring than he had over known it to be. This very nbundunce was in a great degree iristrnmental In producing the late embarrassments in the commercial community. Capital. ists were not satisfied with the low rate of interest, and they were led away into wild tee ciliation!, which ultimately produced no return. It becamenecessary for those adv'enttirers to meet other engagetrienta, and In their ell'orts to Sustain this, stretch of their credit distrust 'ceenneencede The bankers were drawn Upon, and the alarm area& through the country. Parliament, he hoped, could demo some . measure to' correct, if not to check,/ the dangerotis tendency of intatitioue speculation. This was. the mails cause of the late panic, which, like a torrent, for a time curried desolation with it. ,Ilis Majesty bud recommended: to their Lordships to devise some measure to remedy the evil, and 11e . wsia certain the appeal %you'll not be made in vain. Ile would remind their Lordships of the mainly and spirited man. ner in which die pressure was felt by bankers, merchants, and other individuals, and' bY his Alajexty's Government Also, to sustain the credit of thernation in the hour of trial. 'These were causes of. eongratulation and triiinipb. Such exertions and' partial eserifices would restore anti improve public credit, and place it iipon a more' solittbasis than' ever, whilst the unfortu nate experience of past calamities would correct the wild extra vaganee of speculators . , anti teach them lessons of wisdom and 7nOdenifion, Ills Materity hid also ocetision:to allude in terms Of regret I'' the neeessitrof •contirming the war in leak; but it. Was consoling to reflect that it was not originated for the our peso of estemling empire. but front necessity, anti the deter mitiatiOn to sustain the national character for that pre.eminence w hi s t, a lw a y s distinguished it, anti which would alw a y s b e h er hest sinfesietterd against aggression. It was necessary for the eecurity or 1)11r dominiens in India to establish our pre.erni. netted 'Aerie. A sincere subject of congratulation was the friendly assurances which his Majesty cootie tliAl to receive front foreign Powers, who. eppeur anxious to extend the blesaings of peace to the whole world. With resPect to the treaties and conventions.- which his Majesty had .directed tie bo laid before the' /louse; they could 'not WI to meet with their Lordships' concurrence, as the object of the negociationa had been to ,gmfati e ,tacs those very ,mcasurel which they had ' sane '''..'-='.'.' a aes:witomf'Dr.ivitrittet4?eresretnefitltett&kb se the rapid improvement of that country. Lduttation a n d the late iteprovemen tit in the administration of justice, tended much to tha,pernianent tranquillity of the comitry, His Lordship said that bp, could not better conclude his Address than quoting the last .periieratilt of his Majesty's speech, which was expres. 'sive of the confident hope that." the temporary check which combrieree and manufactures. at this moment experienced, will, under the Messily; of Divine P rot .t. i i ence, neither impair the great eourcea of our wealth, nor impede the growth of the national prosperity." 'rile. Noble Lord turn 'moved en Ad. d retie to his 'llrtaj,isty, which was, as usual, an ecliptic:the Stieech:. I s Ord Sfil.:Fr 11:',LI) lose to second the :11iitloti:' Retpect for their . I,:ortisitins. would prevent hint front trespasitting upon them et' 'toy length.. It was a subject of congratulation diet peace ind.protitivrity'prevail t al. In the pertial ernharrasanienta winch lately Otsflltred, the: sttilile matiefacturets of tine country remained itr di 0 orlied, and 44 car'ili lea ems aequainted with the landed,' hurt s' no material injury was sustaine d. The spirit of combination vies artestrd, Anti the trade of the countr wes now in a etiste of solid anti permanent impiovenient. Ill s Majesty I haii'dilfed their LtittiNhip's attention to a treaty of commerce ' and • nav!easicm with Colonthie, which could not fail to give their 14tockhips v e;i t liarkfaCtiOn, and which he hoped would tend, to the extensioti of that enllntry ' s trade nest resources, and be conducive to its complete and lasting independence. The ' wail" in India wits another subject for their Lordships' Con. . sideretiern.es that war heettine necessary for the security end elierticter of British dominion in India. It was satisfactory to perceive the' the prudent arrangements of the authourities there secured AUCCeOI and would, he hail no doUbt, lead to a happy iseue. Darius the: two lest Sessions of Parlianient the atten. tiros of ti . 1 iNisfstere was directed ti the state of Ireland, and much f:ooti Illiftbeen tinCita in diet country, by an improve ment in the suloittiistratiortuf justice, which gave confiden ce soul security to a degree previously unknown in the country. The corthel feeling of amity expressed by foreign powers to. Wards, tbitf country ass highly gratifying, rind lie hoped th e prlneipres` of trade which were sanctioned by Perliument would extend 'all over Europe. Lord . GIFFORD lieving read the Address, Lord Is said, Ilia Majesty had stated that entlitirrasi. Merits had occurred in. the pecuniary affairs of the coutitry. . Thie erns mien Certain, brit why not state the true cause of those. embarrassment..? Ile would state his own opinion upon the subject. Those dilliculties ,yeere in tones Measure owing; to the Government, partly to the einie try bankers,. cud pertly to the Rank of F.:el:1101d e whose monopoly was injurious to the beat . intereits or tine co,entry. " Government bad lent thentielves to that Inflrlatitey. rhe tendency tit', ail the illeaUlreli of the' Ulu VetrilliCal, tirCtorlnecteti with the Bank, was to create WI excess of credit, which led M those fatal speculutions. The objeCt of (3evernment was to redact' the rate, Or lilt orest, and they com mented by reducing the interest upon Exchequer Bills. The Ilankhad greatly aggravated the disorder of the currency,— The Mod, ef Ei:gl:tial wits it tilitellitiv t',', vast fur the controol even of Govc.runient, and it wai; evial,liNlictl upon principleg contrary to Coin:non tietnce: The li)irectots 11:td no direct inte rest in the tuatiagentent, but lutve theyno indirect interest ? . They lied, by.theit increase'. of, issues in tire yearn 1823, 11124, and 1821, eloseiragid those' .svild epecidatioliS they now con., detnued, ii wculd not appriir on the fags (Attu: Bank licturnS t h at o w i l pi tleg L et t invr,Loo a l ; but by reading a hook just pub tithed, entitled Consideratiens on the State of 'the Cur rency," by 11•1r..Tool:e, it would be seen that the average. is. sots of the three Years Were acs roilaw : - ~. . .1823-4:17.750,473 IMI;-e. Ef,011,575 • 1826—' '2 ',dill, 1'.23 • The fact wile, the BMA WAA too Strong tier the Noble Lind Op, • eke. Rut it %yes to the country geetlenten that the Govern. , . snot yieldtsi most. 1. 1 .614i:_14c. Iilt:111 high prices were kept up, and he alioulti like to keetv whether there wise any prospect of reduction' in the pricee of provisions? With the view of aectrteinieg this,, hp would pot a question to the ;conk tarp opposite at nhat tine ire the (<SII2'I.4AWA ID be revised Lord' LIVERPOOI,.-1 0411 answer that question, by, ' ' and by. . . ~ . , Lard KING. —This sob 'it et brought to his Lordship's mind that o l itee t ( .I,.fe s t or w O 111irit.etry lttlit year upon the Canada corn gin; liiie. t h e Government were Obliged to yield to the country genthineri. The 13111 was crriC(.l 111 the !louse Of oornajoim , but wlitil hrourlit iip to titeir Lordships it Waslost. ThiS was a bad way of t , uppotting Governuient. in fect,.the, whole veto» of the Corn lama wet a gjgenoc j o b. r, 4 ,,,,,„ ;.„. • ' sill& that it should continue. Act:or - it - lee 1 ,1,',01 ii,„ ru l e's of Cnotice and sound policy i t could HT coetitme. That was, he lieved, the only assetnbly in which !tl. il e ~ cane, of cheap food was not admitted, anti if such ac r e lce could only say that the House enjoy,:.! it very had distinction. , Their Lordships were sufficiently :4:la11-sighted In putting down those who - employed themselves in the destruction of machinery, be. cause Machtile&agiVed labour, and upon . 'machinery. depended nearly all thalatilth of the kingdom. its Means they were etribled., : tpini*every thing at the cheapeet rate, and thetefore were idix.ileseroYersAcrushed ; bk. curt. ! which of all things. ought to be the cheapest their Lordships seemed to think should continue to be grown with much labour. lie was told that the welfare of the agricUlturist required a protecting duty, and that ir utrestiieted importation from the continent were al. lowed, it would be his utter ruin. lie (Lord King) was, how. ever,. prepared to deny that. their Lordships had any right to prevent its importation, for in . proportion as the agriculturist • might gain by such a measure, in such proportion would be the loss of the consumer, and in such proportion also would they proclaim their own injustice to the world. lie remembered a - passage In the life of that celebrated voyager, Lemul Gulliver, who, at. the court of Brobdignag, had given an . account of that august assembly, their Manner of administering justice, the putty of their views, and, amongst other matters, stated that their first and - primary object was to protect the agriculture at' the country. Their Lordships would,.perhaps, recollect the comment of the monarch of that country upon the description given by the'traveller of their usual mode of procedure. " You are," said he, "! the most contemptible race of beings upon the face of the earth, and. your rulers the most despicable."..— haughter.)-41e felt so imperiously the necessity of a revision of the Laws regarding the importation of corn, that he should move as- an amendment that words to the following effect be added to the concluding paragraph of . the Address—" That as the best means of securing and extending the prosperity of the country,' it was :requisite that 'the Corn Laws should undergo . the revision of Parliament." . . Earl OItOSVENOR said that it was not his intention to go the fall length of supporting the amendment, but at the same time' he thought it advisable that the question should undergo an early discussion before their Lordships. Be sincerely re gret ed that his Majesty was not, enabled personally to attend It le Opening of the Session. lie had-, heard that his Majesty was to have done so, and he feared that he was prevented by . indisposition. The speech which their •Lordships had that tiny heard was Of a very diflbrent description . ,from all the speeches which they had hitherto been in the habit of receiving. There was nothing in the state of the country either gratifying or satisfactory, and it was highly creditable to his Majesty's Mi. sisters to have advised so humble an' Address, and it was also . creditable to them that they had not attempt e d t o m ar k t h at 'state of affairs which bore an unpromising aspect by promi nently setting forth every circumstance which could form a autyject el:congratulation There were, however, one or two Mover which had not been adverted to by e ither the Nobl e Mover or Seconder of the Address, upon which he wished for sonic explanation. It was recommended in the Speech that the currency of the country should be placed upon it firmer foun dation:. lle wished to know upon viliat firmer basis it- could 'be placed than that' at present' by law established ? It would' be very Satisfactory to the country to De made acquainted with the intention of, his Majesty's (government upon that subject. It was also stated, notwithstanding the unfortunate state of the country, that the revenue had answered the expectations of the Ministry. Ile presumed from this that the Ministers did not anticipate, on the whole, a larger revenue than in the preceding year, in consequen c e of th e duties taken off in the last Session of Parliament, or else that its failure to a certain extent had been calculated upon in consequence of the embarrassments of the country towards the close of. the year. Ile had for many years advocated the propriety of adopting and adhering to a strict systetnef economy, as the only means of relieving the distresses of the country; and lie now more than ever wished to impress' upon their Lordships the necessity of forcing such a system upon the - Government. If it had been earlier adopted the dis. tresses which they now deplored might never have existed. An immense saving of expenditure might have been effected by the reduction Of the army, for in time of peace there was nu reason on earth why so large a military establishment should be kept. This was a .question of great importance in a constitu tional point of view, as well as respecting_ a systeni of national economy. There was no necessity for so great a military force,. and those reasons which had been advanced were the most fal- Ilicious imaginable. The meeting of the radicals at Manchester was the largest which had ever taken place in the kingdom, and was hod at a time when angry feelings were at their highest pitch, and yet that meeting had been dispersed by a mere handful of yeomen. - With regard to a war in India, if the resources of die country had been properly husbanded, it would have been found much easier to meet the vast • expences of that war ; and here he wished‘to observe, that those who commenced that war, and those who continued it, had much to answer for before their Lordships, and wnaltl,lie trusted,be called upon for a clear state ment of every circimistance which led to those hostilities. The state:of Ireland formed another plea for keeping up a military force, and indeed in that country, which he could not allude to without emotion, three-fourths of the infantry' of' the nation Were diapOsed. lie thought their Lordships had much to an. swer for in disappointing the hopes of the Catholics, and he was convinced that if their prayers were acceded to, that force at once might he withdrawn, anti the country thus relieved -from one great sOurcealsattiattre t , Their Lordships were at this cmis cx[cr • ;night re rise to. X - Lon TEVNIIAIit rose to oppose the amendment. Ile wait, he said, extremely anxious 'that the people of this coun try should have corn and meat AS cheap AS possible, yet it wits necessary to attend to the interest of the agriculturist. The Noble Lord (King) must surely perceive that this country was in an artificial situation, and could not be legislated tor on the lame principles as might be' pursued towards countries, Situated like France or Odessa. It wa4 wrong to impute the distresses of the country in any measure whatsoever to his Ma jesty's Ministers; they should rather be imputed to those who had compelled them to a measure to which they were opposed —he alluded to the abolition of the Property Tax. He hoped . the Noble Lord would agree with him in thinking that those distressei ought to be in some degree attributed to the reduction of the interest on the national debt, which rendered capital of less value , and also to die decrease of the metallic currency of the The Mariptiii of LANSDOWN said that he felt it to be quite unheeessary (hell to enter upon the discussion of such a Subject as the currency; without the requisite information to enable their Lordships to arrive at any satisfaCtory determine , Lion. He felt, indeed, that it was impossible to enter upon such a complicated question As to how tar the nature of the cir culation--how fur the particular measure of issuing one and two pound motes—how far the departure from the system of circulation adopted by Perliament, or how far the 'nature of the monopoly of the Bank, or the spirit of speculation, might have operated in producing that evil which was ad. nutted to exit. All that he then wished was tis claim a reserve ti pen his own part of any opinion as to the possibility of ap plying a corrective, as his Majesty's Government had suggest ed. What he gathered from the Speech was, that the evil ex. hued, and that Ministers were disposed to correct it. Be did nut wish to ask the nature of the correctives in contemplation, ' because the . Address, to which he gave his full and cordial assent did not pledge the Hou se t o th e i r a d o ption. Upon the Corn Laws, sister mature dellberation, he had formed a decided opinion , ; but he did not fe e l disposed to pledge the House to any measure respecting them, unassisted by the Information which Government was endeavouring to procure upon that question, the Whole'of which must be considered with reference to the state of currency and prices. It was utterly impos sible to separate them from each other, or to separate all from the principles of tree trade. All must be considered in their relative bearings upon each other. The Noble Marquis concluded by alluding to the situation of Ireland, which he was happyy to observe had not been overlooked in the Speech from the throne. The Earl of LIVERPOOL said that he did 'not feel war ranted in then eatering upon the discussion °fa question of such great political importance as the state of the money market in this country ; but. idler what heti just fallen from the Noble Marquis he felt disinclined to remain wholly silent. Ile felt that the subject was too deeply important- to the public for bite to entertain any reserve in disclosing the cotrectives which it was presumed 'miht be beneficially applied to the wasting evils. The convulsions which had recently occur red in the commercial world were not untipected, at !emit by him; for in March last, it might be recollected that he bad not taker), but created an opportunity for delivering his opinion, q to the probable result of the rash speculations then at their very h e i g ht, a nd that be had declared, that if these Consequences which he apprehended did occur, the remedies which had for emergencies would not again be Moly been applied on ttiitillar resorted to, and that the sufferers Must abide' by the conse. quences of their own Ind iscretion, and not expect relief front Par.. Lament. One cause of the convulsions which had taken place I Wait 'so prominent-4o extremely obvious as to be in Itself coon- pletely sufficient to account for all the evils that had happened: Their Lordships would doubtless recollect the mad spirit of speeidation, witleli was not merely confined to the metropolis, but exteraltd itself throughout the country through the medium of .the country banks. That this spirit hail so extended itself might be.gatitered front the progressive state of the currency of the country ballot. It was true that this could not be calculated to a nicety, hut yet the number of notes stamped in each year at the Stamp Office afforded it tolerably correct ' criterion by which if) loan an estimate. In eacia of the years 1821.24 there had ban issued 4,200,0001, with a very trilling variation ; but ih 1824, this mad spirit of speculation began to prevail, the , country banks' chi:ol 4 6On increased to 6 millions ; and in 1825, whcn that spirit wt at he height, the circulation amount. ed to ti millions, thus ,doubling _what it had been prior to the commencement of those speculations. Ile thought that that one fact was sufficient to account for all the effeets which bad follow ed the spirit of overtratling, and which bad so deeply involved the general interests of the country. There had been some increase in the issue of Bank of England paper during the same period, but it boreno pro po rtion to th e increase of the issues of the country banks. The Noble Lord (Teynham) had im plied that lowering the rate of interest upon the national debt had in some degree tended to the distresses of the country ; but the reduction of the interest on the public securities was.a as. cessary consequence of the peace and prosperity of the country, and Government would have been highly criminal if they had not embraced that opportunity of taking 1,1100,0001. from the public burden. This was a ; subject which might be discussed at length hereafter, but it Appeared to him that the existing evils themselves pointed out ibeseinetly which ought to be ap plied -_a remedy which emits not be applied by any legisla tive enactment; in short the cure was to be found in the dan gers which were individually incurred by ahe speculators, and in the inconveniences to which they were exposed. If the mea sures which his Majesty's Ministers thought now expedient had been proposed before (they had been 'before discussed, and why they failed was not the question at that moment) it was not be cause the-ideas were new. One was an arrangement with the Bank to effect the gradual withdrawal of one and two pound notes from circulation ; the other was of still greater importance. The countrywes grown too large for exclusive privileges of the Bank of England. However well those privileges might have been suited to the state of the country at the time they were granted, yet they were now evidently In j ur i ous to i ts i nterests. Besides, the operation of those privileges were most extraordi nary and most unfortunate. Any baker or butcher might open a country bank,but a solid co.fraternity could not establish one upon a substantial and firm basis, because the charter of the bank prohibited more than six persona from uniting in carrying on the banking business in any . part of England. The cense ! queue° of such a charter was evidently to prevent the establish ment of solid country , banks, and sit' course the continuance of that charter was inconsistent with sound policy. This was one great branch of the subject ; but it was to be observed that the charter of the Bank, of England did not expire until 184 ; yet if they could be induced to give up their privileges as far as regarded the country, an immense benefit might be effected. He did not imagine that they would experience any injury by doing so, as they w ou ld b e at lib erty to establish brunches of their awn bank in such districts as they might think proper. He thought it better to state thus generally the views of his Malt-sty'll Ministers, to prevent any mistake upon th e su bj ect . Itrith respect to another very important matter he would also offer an objection. Taking a variety of circumstances into consideration with respect to the revision of the. Corn Laws he was of opinion (as w e un d erstoo d die Noble Earl) that 'ln die present state of the country that queetion did not press itself so immediately upon the considera tion of Parliament. In the last Session a measure had been adopted relative to the importation of Canadian. corn, which woad not expire until 1027. Ne was not inattentive to the subject, but he was not certain as to whether it would be brought under the consideration of the House in the course of the present Session. With regard to what had f a ll en f rom t h e Noble Earl (Gro svenor )* as to his Majesty's attendance to open the Session, be could not perceive the use or propriety of intro clueing the subject; but in consequence of those observations he felt it necessary to state that his Majesty's absence was to be attributed solely to indisposition. Earl GROSVENOR explahoed. Tile Earl of CAR NA 'WON then rose. His Lordship said that if hhe Govern ment s h ou ld be able to obtain greater security for the banking establishment, It would unquestionably be pro ductive of universal benefit. If they could place the banking system on the same plan wych was pursued in the North, for instance they would arrive Art that state of security which was so desirable. The present difficulties might be overcome ; but unless something were done, not merely of a tempoiary Iremedy, the country must inevitably be involved in difficulties of a most alarming nature. Ilis Lordship objected to shifting from one system to another from year to year ; so long its dm were done the commerce of the country would be in any state rather than that of prosperity. The Speech might look forward to years of peace anti- , improvement, and it might be possible that we had arrived at that state of know ledge which would enable us to legislate in relation to the currency with effect. If we were to make any alterations it would be better to make them at once than to adopt any graduated system. It was suth sort of temporising that had given to the silk menufacturer a bonus for overstocking the country. 'L'he Earl of LA UDEIi DA Li had always conceived that a paper curreney convertible into gold on demand was beneficial to the best interests of the country, There was cause enough for the evils complained of, without attributing them to any fault in the currency system. There could be little doubt but that they were mainly attributable to the extraordinary demand for capital. Let it be recollected that 'seventeen millions had been so employed. Suppose there had been a levy tar loans to this amount, for the purpose of carrying on a war, *tat would have been the result ? It might be recollected what a convulsion was produced by 13,500,0001. only being required. The evils so universally felt were the natural result of Itavilg4o make payments for specu. lotions of companies, &c. AS long as their Lordships could recollect, one and two.pododnotee had been in circulation.— ki And if (continued his I.4ordskn) one of the . alle ra ti ons pro . puaeaouwmid.ib..e.u6,4s mem , roe 19"rilirr"tilln1"7:71rien '.,Under the paper currency., en joyed such a state of pros peau i The Address was then agreed th without a division, anti their Lordships adjourned till Monday. HOUSE OF COMMONS. This day the House met pursuant to his Majesty's Procla mation. The firr.exyit entered the House of Commons at half.past two o'clock. Immediately afterwards the Deputy Usher of the Black Rod summoned the Members to attend at the Bar of the House of Gorda, in order to hear hie Majesty's Speech on open. ing the Soudan ; when the Set:alma, accompanied by several Members, proceeded thither acc or di n gly. NEW WRITS. At half-past four o'clock, the SPEAKER again took the Chair ; and shortly after informed the House, that pursuant to the provisions of the 4th George 111. he had sincethe proroga. tion, issued Ids ‘Vrits for the election of Members for the 80. rough of Banbury, the Borough of Newport, and the Borough of Corte Castle, in consequence of the acceptance of an office by the Representative of the first place, and the death of three of the others. in moved a new Writ for the Borough of War wick in the room of Charles Alia s , E sq . deceased. KThe Clandestine Outlawry Bill was then read a first and second time. THE KING'S SPEECH. The SPEAKER rose to acquaint the House that he had been to hear his Majesty's Speech, which, in virtue of a Com mission under the Wet &al, was read by Lord Qirrottn, as Chief Commissioner for the openin g at Parliament, in the roomof the LORD CHANCELLOR, absent from indisposition. To prevent mistakes, he bad ,procured a co p y o f the Speech, .which, with the p er mi ss i on o f t h e H ouse, h e would read aloud. The SPEAKER then read his Majesty's Speech (for which see THE SUN of yesterday.) THE ADDRESS. • Mr. STUART WORTLEY, jun. (attired in full military costume) now rose, for the purpose of moving that an' humble Address be presented to his Majesty, thanking him for the gra cious Speech which this House has just heard read. In attempt ing to do this, he was aware that there was much difficulty at tached to the performance of such a task. H o w as , h owever aware that a knowledge: of this - difficulty on th e p art of the', House would entitle bun to some allowance on the occasion. Upon taking A view of the state of things during the past y ear , it would be found that that period had not passed w i t h out considerable important occurrences. There was one drum. stance, however, which deserved most particularly the attention of Parliatnent.-namely, the great shock 'rec en tly felt'throughout the m er c ant il e world. In mentioning this oc currence,Aie could not but refer with pride to that part of his Majesty's Speech from the Throne which did not pass by and endeavour to evade so startling a subject, but openly and without the least reserve avowed the flatter as it appeared upon the most serious inquiry. The better to understand the acute of this occurrence, and fully See its most prominent features, it would be necessary to recur to another period of our history during the years 1793 and 1798. In both these ye ars an extensive f a ilure prevailed throughoutthe country. The year 1793 was the commenneement of a tremen dints war, which could not frill to make heavy and pressing de mands upon the resources of the nation. In the year 1798, every thing presen te d atm alarming appearance, with respect t o our affairs abroad. D ur i ng both these periods, in adverting to the sources of the evils which then existed, he knew some t o i i r e e vi Vn t g hem au ; cLt difference of opinion prevailed; but with respect to the re. ent could possibly foresee or cent occurrences; very little difference could exist, their. na. 'of any kind to affect us had in any degree prevailed ; no warn, no drawing upon national resources; all quietness ; all peace. When, however, we n ti o ka f t or n elg ° tra c ia r examined more minutely into the state of things, 'we should quickly be able to discover the causes of such effects. The be. ginning of last year was marked by a reduntlance of capital money was in abundance, and every thing seemed to present a great abund ance of private wealth. A ten 'concurrent fai. lures of some provincial bunks, it would be tbund, had after all led to this panic so much to be deplored. But whatever might have lea to tile pritnry.cuu4e,lltere was one eminently promi nent, and that was the general ante of the banking systan as it now stands. In the year 1793, small notes had not got into circulation ; in the year 1798, small notes, it would be found, had been issued through the country. The law, as it ` stood at pres ent , p l aced no restr i ct i on upon tile amount of paper money to be issued by a private banker, neither were banki obliged to offer security Itgainst their failure. , The coin was therefore applied to other purposes than those of payment, while the proffered value of paper only existed as long as the confidence between the public and the individ ua l s w h o issue d i t remained unshaken. The system of Country Banking could at present be looked upon by the disinterested spectator as little more than a mere pretence for issuing a greater quantity of - paper than the individuals' were possessed of .real worth for. In improving the present state of thing s , as t h ey re f er to:t h e banking system i , t would upon the whole ben matter of some difficulty, to devise in what way Parliament should nit the exigency. These events were, however e serviceable in some things, inasmuch as the Bank of England had gained conside rably in credit, since the late tenures ; and his Majesty's Minis ters were highly to be applauded for having so timely invoked the advice of Parliament on hehalfolehese measures. Much of the present misery could be attributed to an immoderate indulgence in the freedom of commerciaispeculations. If many of the companies had but withdrawn themselves from those absurd speculations which so generally pervaded society at large, much advantage might have been reaped from their valuable assistance in other ways. Anether evil to be men tioned which occurred in the past year, was the combination of workmen ; most of these combinations hung upon one body of men called Clothiers ; whose union did not tennirinte until thir teen weeks alter their first commencement. Notwithstanding, all these evils, the country had still retained greatihopes of per manent and tranquil security, nor could the evils be in any manner chargeable upon the general system of .the country at large. Since the commencement of the struggle between the South American Colonies and Spain, fifteen years had passed. away, and that period, as well as the consequences of its events, had finally led to the establishment of great commercial treaties. With regard to England's acknowledgment of the independ ence of South America, it must be acknoWledged that this • country held a high station of dignity in having preceded Spain in performing that act of grace which should have been broach ed by Spain herself before England•had interfered. The Hon'e Mover likewise adverted to the Treaty of liemburgh and its great commercial advantages, and also to the several commer cial treaties which materially affected die interests of England. Europe was disturbed in only one quarter, and it must be ad mitted we were not without our anxieties respecting an amicable adjustment in that quarter. With regard to Ireland, there was evidently a greater spirit of industry and good order diffused among the inhabitants, than bad been observable hitherto; and there appeared not a doubt but its affairs must terminate ac cording to his Majesty's hopes. Taking all these happy pro spects into consideration, he could not but anticipate in moving the Address to his Majesty, the unanimous vote of the whole House on the occasion. The Hon. lientleman then concluded by moving an Address of Thanks to his Majesty, for his gra cious Speech, and exprestiing die entire concurrence ot' then ouse in the measures proposed, and the line of policy recormuended to Parliament. Mt. GREEN rose to ascend the motion of his Hon. Friend. Situate' as the country was, owing so much of her prosperity to her manufactures, it would ill become the Oovernment of such a country not to come forward and declare boldly and man fully, before all around, what it thought on the present occae ,sion. He should fall fur short of his Honourable Friend,. were he to attempt tei lay down the causes of the pre sent evils, which have been so ably adverted to by him. In reference to the years 1793 and 17911, and their attendant calamities, there was a strong dilference between those periods and that which we had just seen. The first of those periods was marked by the opening of a war, and the other was subse queue to that period when the war was still being continued ; but the present times were different—when enjoying a pro. found peace, when our manufactures were flourishing and the country enjoying every apparent abundance, a sudden and unforeseen shock took place in the mercantile world. One point of similarity was, leveyer, observable between that time and the present. Interest was then low, as it now is; manufactures were prosperous; Bankers issued beyond their actual possessions; the people called upon them to perform . their promise of payment, and thus was created a somewhat si milar sensation to that which we had lately felt. Capital was so plentiful, that it was easy for the wildest speculator to meet with a ready adventurer, who was willing to risk his fortune upon a hazard. It WAS not, therefore, to be wondered at. that matters turned out so unfortunately as they had. In regard to the Bank of England, the nation could not but admire the healthy condition Of that great establishment, which had so protuptly .and ably administered relief during the calamities that surrounded it. Those who observed the state of the con try last year could not otherwise be impressed but that there was very considerable capital within it ; rind whatever the fact might be, the appearance justified' the belief. Under these cir cumstances some partial interference might be expedient; but it would still be the duty of the House to leave commercial transactions as free as pozetible. By proceeding cautiously and wisely the House might be led to strike in a meterial de gree at the root of the evil • and perhaps the must effectual in terference on its part wo u l d he to guard against the indiscreet investment of large capital in unsafe hands. Scotland was an example of what a vast portion of paper currency was capable "ffutrihniftillntiti4449i4o4lol/healrltiffifil*Entrdiffit perhaps, be enabled to 9rotit trout its example, in providing the means of public security. Whilst these temporary embarrass menu bad occurred iu the commercial transactions of England, It was pleasing to turn to the acute of the Sister Country. Every true Englishman felt a natural attachment to the interests. bf Ireland : and would be gratified on dialing that the House was no longer called upon to pass an Insurrection Act, or enforce the payment of tythes ; whilst education had spread rapidly over the face of • that couratry., It appeared also that every re commendation of the Government. had been attended to , and there was every readiness. to inquire , lien the stat e of. that ountry. Manufacturers rea dily placed their capital their, and soon the great Landed- Proprietors would have cause to re joice in its prosperity, and partake of its benefits at home. With regard to.tiouth America, England felt satisfied with her connection with the eexieting.Hovernittents in that quarter of the world. Though she had never any appreltetutione, still she avoided every thing:. that could in possibility be deemed rash. ness, 'or which might by possibility lead to a war with any other Power. A nation must *et upon safe ' upon permanent principles ; and leugland., as far as respected these States,,_ap. peered in her usual dignified a nd p r op er cheracter. The Hon. Gentleman then adverted to the• State of our. National Iteve. nue, which, notwithstanding the dtawh.acks upon it, occalsiou. ed by the recent commercial distresses, had neverthehns, on flu whole, not disappointed the.expectetion which had so ra tionally been formed respecting it. Ileehen paid a, high and just compliment to the great ability anti assiduous attentiou of the Chancellor of the Exchequer . and glancing at the ge neral state of the country ; lie ,obsertl, that its trade, though , partially embarrassed, had on the whole decidedly tioutitzheit; whilst its finances . were highly prosperous. Ireland had ad vanced in industry and prosperity ; and to whichever quarter we turned, the prospect of future happiness delighted our fond, view. It could not be said that our national resources were oe na c y tte u n n c p es rod , • otherwise than in a prosperous state ; notwithstanding the late u tl e te tiv at e te o ld a a i n ly t e c v o i n ls sei o l t u . e t l t v c i e l that a carte couldpurely prove injurious to the interest of the country. The Hon. Hen. tienien concluded by seconding OW Address. The Address having been read by tiKt SPEAKER, Mr. 1 3R01.111HA el rose, Ile regretted that it was now be come irregular to ualjourn the discussion after the reading of the Address. The ancient practice was certainly more desi ra bl e than the modern , inasmuch as it afforded time and opportunity to all inside and outside the walls of Parliament to contemplete at leisure the important topics which the Members weft called upon to discuss. Its the present instance, wizen !natters of such importance were before the lionse,the disadvantage was sensibly kit of entering upon immediate discussion, it' discussion it could be called, when not so much - as half an hour Was allowed for consideration of the various details which his Majesty's Speech embraced. The only alternatives now left for him, where by to express his dis s e nt , were e i t h er to resist the ?AddresS by an Amendment, or to give discussion the go.by by mov ing an adjournment, In the present instance he would re sort to neither of these means; but in not Opposing. the Ad dress, he protested against the inference that he concurred in its spirit, or WAS committed to the support of the doctrines which, it suggested. These doctrines he reserved to himself the right of opposing at a future period, and • his present acquiescence was merely a matter of respectful courtesy. Tide cautionary observarion• was the more necessary, us it might 'otherwise go forth to the public that the Address passed with the unani . mous concurrence of the House. He wits astonished to per. , ceive that tile Speech embraced .to slight a notice of the dis a tress at present so . universally prevailing. From it one would a be led to suppose, that • public embarrassment was entirely z confined to pecuniary transactions; but for his part, he thought very differently. Ile was convinced theft distress per vaded our commercial interests in: their widest relations, and notwithstanding its great present extent, in heti not yet reached 'its hill height, and 'would last longer than honourable tientlenicn seemed to imagine. He insisted that the distress of the country was by no moans butable to the liberal and wise policy of the commercial system introduced by the late enactments. There might be sense rea son for such a supposition, it' di ffi cul t i es were experienced in only one branch of trade ; but such .an idea could not he, ad mitted when the distress was obviously universal throughout tn . a i w t oo e tn o o o b eb i t 7 e ts v il wa o e ie t i ( s i t e n o r ei r) , il e i rk n t4 4 . l : l ?: i t l e e sx r o n p e l ae l e i nr u i i d rt the commercial system. 'The Silk Trade was 40t the only suf. f ttw e eh a r res t na clear one. Our that t dte uh r ueunt n ned i t a rei : yr af similarnic ot t oc r o e un r ln s de o set t w ment had been tried, and that, after a fair trial of its merits,. it had failed, inasmuch as public calamity was the consequence. Iu reply to such an assertion, the. Honourable ttentleman I would say, that the law not having yet come into operation, no etperiment or its utility had yet been made—that conse quently it had not failed, and therefore that public distress was not its result. When the law came into operation, its effecai would prove that the commercial interests of the kingdom had not been disregarded in its enactment, and that the duties it imposed on importations, from foreign coun tries, would abundantly protect our manufactures at home. The "causes of distress might, in part, he traced to late times, when new fields for trade had been opened in the South American States, which led to a system of over-trading, productive of many failures. One effect of the rage for traffic was, that goods were. purchased in Lurieion at a profit, after a re-importation from - Holland. lie trusted that theree'could •he no difference of opinion in theeninds of rational men, whether inside or outside the House, as to the wisdom and - policy of the late - measures ; and he hoped it would not be attempted to put in jeopardy a beneficial system before an opportunity was afforded the public to estimate its advantages by the test of experience Perhaps it had been better if there were a change in themanner of carrying those measures, but it might not now be fair to complain of the manner, where the matter was so unobjec tionable. Ile now adverted to three topics which seemed to have been considered as beyond the controul of the House-- namely, the Debt, the Currency, and Ireland. The first of these intlectie,was beyond their reach ;—the two latter were not. Ire land was stated to be tranquil and prosperous at the present period, but could the House forget the cause of present tranquil lity in Ireland. Its quiet rested on the expectation which its inhabitants entertained of what would be achieved for. their advantage during the present Session of Parliament. Peace was maintained in that island, solely by - the hope of furthet relief; and if those hopes were disappointed—if an appeal was made in vain to the justice of Parliament, in vain would Eng land look to Ireland for assistance at the time of-need—in vain would Parliament expect a continuance of Irish tranquillity.— , lle - also attributed much of Ireland's quiet to the acts and ex ertions of the Catholic Association. While that. Association was firm and obedient to law whether approved of or sot, it was an able organ, consitutetifor the beet purposes, and during its existence they ought to hOpe fin- success. The House had just heard of the late commercial relations which had been este bliShed between (heat Britain and the States ofSouth America; and it was put forward as a sort of .merit that 'England bore no part in accomplishing the independence of those States. True; England bore no such part. To the honour of tile South Amerie cans be it said, that they fought unassisted, and worked out their own liberty. That we now ,had Colombia among our commer cial allies, and that we might hope soon to embrace other South' American States in the same relation, must to matter of the purest delight to the mind of every Briton. A word as to our treaty with Brazil. Ile had read the convention before lie had read a translation of the treaty : that treaty he hoped had not been ratified, and, what was more, he hoped it never would. Again" one article of it in particular he would most solemnly protect, viz., that by which the parties mutually bound themselves t o give up each other's subjects, not merely those charged with mur der, rubliely, and bankruptcy (which was a usual provision) but also to surrender persons impeached of high treason—that is to say of any political offence, which i Government not much ac customed to regard popular rights might construe as high trea son. Nothing could be more preposterous than thus to perpe tuate the worst law on the 'Statute Book—namely, the Alien • . Bill. In alluding to the Bank of England,. without meaning to attach blame to individual directors, be had no hesitation in expieseing his earnest wish that the whole system was at en end, for he deemed it utterly inconsistent with safety that any 1 twenty-foui men, whether a private club, Or a recognized pub' lie body .under any other designation, should _possess such • powers as were entrusted to the Directors of the Bank of Eng land over the commercial concerns of the nation. It was corn petent for them ' as matters now stood, to alter the rate.of public ' interest at theircliste-etion—to raise or lower discOunts at plea sure. These were powers inconsistent with public safety,whielt he deprecated, not front any distrusein the individuals per seseing them, nor from any'ellspicion of the motives by whic h they were actuat e d i n the exercise of their authority, but front a full conviction that they could not, by' any possibility, P°e" less all the fore s igh t , t h e wisdom, anti even the spirit of pre phecy necessary to guard against the mischievous effects,which independently of such enlightment; must result from their actS• The remedy fOr this evil was obvious ; let the Bank 'of Eng land, have male, let th e ir p o w er b e di v id e d w ith other similar establishments. Then, end not till then, would it he safe tot that body to exist. in conclusion, the Honourable Gentleman I distinctly repeated the .assertion with which he commenced" that, in not opposing the proposed Address to the Throne, 1 ,0 merely made a courteous acquiescence, but reserved his 4 3 of opposition .to its t opi cs at a future p er i o d. .M r. ItOBEILTSOe culled the attention of the House to Ott severe distress which just now pervaded the nation, which heat. tributed mainly to die acts of our Commercial Government.' - ' Iltinourable Gentlemen would recollect that, on a former ease aion he implored the House to save the country by the adoption of proper me as u res f rom t h e di stress , which havingsince tie - 1 0 0 1 'Y arisen, con fi rmed the opinions he before delivered. He hail ar i l* I ticipattel public distress, because he clearly . saw its causes, and subsequent events sheaved that he was right. He therefore • ~, the. 1 NUL t k t is t b e ett4reert i ,94- catiaitilisaksrPfireCauac of our calamities was of ten years standing, and unless the Mouse would now protect our commercial and manufacturing Interest* he saw no hope of safety for either. The present burst of dis tress might perhaps pass away, a temporary calm might sue'' , timelyl: ahnlyn r e ietl ! pa t io : irt e ssr t ,L) l ul i ensliSiatcin:Act.s'eeurceetilbctieientdiuoto.taliiesaipciapaelmt Pre s i d enti le;eild,ipne pamph l ethr 0i ,i s .hr n aut e a ri l naCii aggravatedliC:doCidildotere:diut. b l 0) 8 1 b ut font some 'Tradeiet if fii i i.: v as t cie at once th e cause and the alarming MO , ou t in the year 1819. Ott the ground s state d i n t h at w ork, he could sliew • nitude of the ev il w hi c h he ',sout , to alleviate. It c on : mined ft detente! sretement of the ex cess of the exports ovcr e t. lt e t imports of Britain, a nd trul y Ob served thaL this e xcess, wit: it proved the expentliiure was na proof of the proeperity Datioll. In this prieciple the lion: Gentleman fully conctirre,'" but lie differed ahogether front that -which followed it, niuilt`Y-' t that though such - excess was not inferential of prosperitY' Was not necessarily injurious. On the contrary the fitment" r w s u w a d i ei ra t x.i l i c a e t , si l i e ch e x ace excess s au o f s eouwra,s,:enocrt nant with the most destructive conset uences. Since the te r' a n l t ' i r n e s (i tio el n li o lern f tl a te il la '' s .as t war Pe from our wealth. how differentlY over our imports bad been Iflif millions, for which we he° less than in return. Dsring the last year the excess was a - than 2.1 millions. Non , wee it to be supposed that we colds! b ear ; ,,,„ without harm this unceasing drain —this constant abstrac t " itand in the time of Itlr. Pitt. At one time not s i n gle , a pewit, and was sent out from Britain wi 1 tn. and Sri an equivalent return . , our from the year:l797 to Mil, our expoite did not Wee; w att imports by more than alsour. five million's and a halt. It 'hilt I m ust increase with its not di ffi cult toaceount for such excess in time of gat; Ter i in a season of peace it was quite unnatural, and the disaster ti head e d;on eo u r did our commercial concenif capitalno , n w in a w i i o t IF t ta .t P i ti:tl a l :i e t t i c i g el i I. n ' ts ' e e e, i i r :ro s e e a rn t d i a n i n t c s ge r f i a r a s l iv e ) i a l i i p s t y t o ° t u o r e lik ri a s e : I was to be traced to wrong ineaeures. The cepital of' a e° oll '4, Non. The system of exporting capital from Englen" to est. f'ontinent, and from Ireland to England, he contended, o', t he means of keeping capital :It home. Free trade admits be injurious to both Countries. He therefore recommended iy Legislature to protect cur 11...eufactures as the surest, the °I ? nieathe . tt t ; troductlon of foreign capital' in goods here; which teems t i lt pernicious consequences to our manufacturing . - classet ette . Continents -that-we Might even acquire a Il le t h might indeed lie objected, that we had it in our power to 1 "„ 0 , differd from theirs. pew with the poly in our nianufuctures. But the idea 'of coinpetition il ly the Continent was perfectly vain. Our circumstances esse nti ",' such as might exist in France. And if that once took place' in were altogether at the mercy Of the foreigners. France lot & rnercial possession of the'inarket, anti England was for ever excluded -1 The conduct of Illiiiisttra 'WAS Moat extreordinary in a late C° — la this conntry IV e had no combinatinive; ling, had a chartex.grante4 them by Abe creeth (siMilar t ° t t ee would say was ft vile job, Ile•supported the by which, the East India Company was incorporated), O r o f cultivation and throwing of silk—and a strange inelaPte b e rantg ;—A "rill'ailY, • With a capital of one mi ll ion st b e a r; persons constituted this CA` mipany ; the, object of whiol, the country; hnt not indeed its CommereielGovernment, not 'P e i advocates of free trade. Tile East India Company Se t 7 7 , with a capital not exceeding 72,000/., which tied alres4 Company should be allowed to start with so large a grown up to their present etiormoue capital. If then the bt2, Gomm:Sent 0 ' .s e sum a', .million, what ruin must it not cause to individuals no en gaged in the same trade, and ultimately - entail upon th e '... selves, from some future competition railed upon similar pl c cioss. Ile was reluctantly compelled to name the al einbe ri At this Conipany—they belonged to both aides of the House , the its head wa s t h e Alarquis of Lansdown. T were, here also,_,a Earl of Li ve rpool, the President of the Board of Trade e a n _ among the Dire ctor s were to be fou n d ?Stems Brough am' Wilmot Horton . , and Pasco Grenfell. Strange anti inc s er in sent, indeed, it a ppeared, in ::ilr. Huskisson, to bear a p, r: ec e the purpose of raising such a transectiele who - in his pamphlet adverting to the t ri- a u n e plan of foecing s manufacture of sugar from the beet-roots et , the cultivation of cotton, pronounced it to be founded in li! fee . -ranee andeletestahle policy, which incurred a vast expette; el, • were pursuing a ;hinter plan, with the sanction of NT' '',, el a little bad cotton. We too, .h e eoa - lcisson it imself, incurring a vast expente for the purP ° ;b e t - raising a li tt l e l t d silk. He could not be brought to agree d i e : the ills of the countrywen:beyond the reach "at relief fro m be House, and h e d eeme d t h at a very sufficient remedy ni e die ' afforded by Pulling an and to the foreign trading dystetn. I " 0 ,0 • measures which he eOnsativocated, he was opposing h' e p eer i- his sincere i nterest as sc a n ti f r o u r e e n i g t s ii l . r i l i t i e r r e c s h t r a a n i n t e.i ; ibbuyt soy l ,e f se el l t fish bo . u r n ega g : l4l , subject which he - felt to be of vital titzportaace to the r"